Days after revising minimum balance requirement for savings account, the largest public sector lender, State Bank of India(SBI), has waived off closing charges for savings account holders. The closure fee waiver is applicable for accounts which are at least 1 year old.
Earlier, SBI was charging Rs 500 with Goods and Service Tax (GST) as closure charges for its savings account customers. Customers who close their accounts within 14 days after opening are exempted from any charges. The revised savings bank account closure charges are effective from October 1.
Last week, SBI revised the minimum account balance for its savings accounts, as well as the penalties for non-maintenance of minimum balance. The major change has been made with respect to savings accounts in metro cities, where SBI account holders will now have to maintain a monthly average balance (MAB) of Rs 3,000, instead of Rs 5,000.

Days after revising minimum balance requirement for savings account, the largest public sector lender, State Bank of India(SBI), has waived off closing charges for savings account holders. The closure fee waiver is applicable for accounts which are at least 1 year old.
Earlier, SBI was charging Rs 500 with Goods and Service Tax (GST) as closure charges for its savings account customers. Customers who close their accounts within 14 days after opening are exempted from any charges. The revised savings bank account closure charges are effective from October 1.
Last week, SBI revised the minimum account balance for its savings accounts, as well as the penalties for non-maintenance of minimum balance. The major change has been made with respect to savings accounts in metro cities, where SBI account holders will now have to maintain a monthly average balance (MAB) of Rs 3,000, instead of Rs 5,000.